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A detailed marketing plan helps you determine the market potential, formulate a marketing strategy, project potential sales and budget for continued marketing success. The following is a detailed outline to create a marketing plan for your business.
Cover Page
Include a cover page with:
o Title (Market Analysis and Promotional Plan for Company XYZ)
o Owners name and contact information.
o Non-disclosure statement / confidentiality notice.
Part I– Marketing Environment
Macro Environment – The macro environment is the broader environment outside of your business that effect the market you are pursuing. These are generally factors that are beyond your control but should be identified in order to combat detrimental trends and take advantage of opportunities.
Economic – Identify the larger economic factors that affect your business. These often include wage trends, disposable income, interest rates, unemployment, etc. Identify what part of the business cycle your industry is in (birth, growth, shakeout, maturity or decline).
Technology – Identify any new technologies that will make your product more competitive or, on the flip side of the coin, technologies that could make your product or service obsolete.
Demographic – Identify demographic opportunities and threats that will affect your business in the macro environment. This section should concentrate on the broad demographic data including: age, income, gender, etc. This allows you to apply market segmentation to your product or service lines.
Political – Decisions made at the governmental level that could affect your business through changes in regulation, economic conditions, and trade practices.
Cultural – A markets beliefs, ideals, standards, and lifestyles effect the way consumers spend money. Identify any opportunistic or threats based on changes in culture to your business.
Business Environment - The business environment is the condition inside your business that affects the market you are pursuing. Generally these factors are within your control.
Market Potential - The Market Potential section is the main justification for the potential profitability of your business idea. It is the section that summarizes all of the market research you have completed and data collected about your potential customers or your target market. It is also the section that drives your expectations for your Sales/Revenue Projections. Supporting documentation should go in the appendix...only list key market data in this section of the plan. Identify any test marketing completed and the results.
Target Customers – Identify the qualitative characteristics of your Target Market. For example a new wine bar may target primarily females, between the ages of 30-55, with a household income greater than $70,000 per year. A new nightclub however would target males and females, between the ages of 21-35, with any level of disposable income and located in a town with a large college population.
Distribution – Distribution refers to location and delivery of marketable products or services. The radius or distance from your location that you will serve will be determined by your product or service distribution plan. The delivery of service is typically retail, mail order/catalogue, outside sales, one-on-one, and/or virtual/web based.
SWOT - Outline your companies Strengths, Opportunities, Weaknesses and Threats
Competition – For each of your most direct competitors identify:
Name of Competitor
Price Point: lowest cost (bargain) , best cost (value), highest cost (status)
Advantages/Strengths:
Disadvantages/Weaknesses:
Sales Forecast – Based on the information developed above create a detailed 12 month sales projection and determine year 2 and year 3 growth rates.
Part II – Marketing Strategy
Business Mission - Tell the reader about your vision for the company and the short-term goals you wish to achieve over the next twelve months. Generally this is one or two sentences that summarize your overall business goals.
Marketing Objectives & Goals – Common marketing goals include; customer education, create brand or company awareness, promotion of a new product, service or special pricing or simply to increase sales. Identifying and communicating these goals to the media you choose is essential to successful marketing.
Marketing Strategy
Advertising / Media Campaign
List the media you intend to use to reach your target market. Explain why it is the more effective media at reaching potential customers. Typical media includes Television, Radio, Billboard, Print (Newspaper or Trade Publication), Internet, and other various forms.
Most important your media campaigns should include a call to action or distinct benefit to the customer. Because we are subject to such a barrage of advertising these days potential customers will filter out any media that does not have a direct and obvious benefit to them. Make your ads sell for you…do not make the mistake of having your media continually introduce your business or try create brand awareness…Sell, Sell, Sell!
Promotional Activities
Promotional Activities include Grand Opening ceremonies, Sponsorship of local fund raising events, contributions to local community groups, etc. Guerrilla marketing techniques should also be considered. Guerilla marketing is generally low budget marketing techniques where the client is unaware they are being marketed to. The use of Viral Marketing, and social networking sites like FaceBook and LinkedIn have been used effectively to target products and services to different demographics.
Part III – Marketing Feedback Analysis
Profitability Analysis – Track sales trends and profits within your business and look at how they coincide with different marketing efforts. Sometimes the effects of advertising take many weeks or months to create action so be patient and try to consider the lag time for each marketing strategy you use.
Cost-Effective Analysis - Most new business owners have a tendency to do what is called scattershot marketing. Put a little money here, a little there never knowing which is providing the best return. To ensure you can track the Return on Investment in your marketing campaigns include a tracking or feedback mechanism in all of your advertisements. These typically include coupons, identifying marks or numbers, verbal confirmation (such as “say you heard it on ____ and receive 10% off). |
